I think it’s because of the high risk high reward factor of taking on a ton of leverage which is usually needed for RE. That tends to attract people looking for quick big returns without a ton of work, who are arrogant enough to think they’ll succeed where many others fail (and believe me, plenty do fail).

The result is that only the most successful ones survive, and since they were arrogant douchebags to begin with, they think they are extra special.